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Our guide to the FirstBuy scheme

Are you struggling to get your feet on the housing ladder? The Government’s newest housing initiative could help

Claire Carponen

September 23 2011, 1:01am, The Times

Berkeley’s Warehouse Courtyard in LondonBerkeley Homes PLC

The first owners of properties bought under the Government’s FirstBuy scheme are now moving into their homes. But confusion still surrounds the scope of the programme, launched in this year’s Budget, and the latest in a line of similarly named but different affordable housing initiatives designed to help Generation Rent on to the housing ladder. Wondering if you could benefit? We answer your questions.

Just what is FirstBuy?

FirstBuy replaces Labour’s shared equity loan scheme, which was withdrawn last year. The scheme — now the central plank of the Government’s HomeBuy programme for first-time buyers — aims to provide assistance to would-be homeowners unable to raise the hefty deposits required by most banks. The scheme is also intended to provide a boost to the housebuilding industry. This…

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